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What is Bankruptcy in New Jersey?

Bankruptcy in New Jersey is a federal legal proceeding in which someone who cannot pay the bills can possibly get a fresh financial start.

The right to file for bankruptcy in New Jersey is provided by federal law (not state), and all NJ bankruptcy cases are handled in federal court. Filing for bankruptcy in New Jersey immediately stops all creditors from seeking to collect any debts from you – at least until your debts are sorted out according to the federal bankruptcy law.

The United States Bankruptcy Court for the District of New Jersey courthouses are located in Newark, Trenton, and Camden.

New Jersey Bankruptcy is a person’s right granted in the US Constitution. Which is regulated under US federal law. There are some important facts that residents of New Jersey seeking bankruptcy protection should be aware of when filing in New Jersey.

New Jersey Bankruptcy Filing

Any resident of the state of New Jersey can file a bankruptcy petition in the United States Bankruptcy Court District of New Jersey pending on where you live.

Can I File NJ Bankruptcy Chapter 7?

Yes, if your average monthly income is less than New Jersey’s median income you can file for a Chapter 7 bankruptcy. Note, if your average monthly income is equal to or greater than New Jersey’s median income – you can still file Chapter 7 subject to the passing of a means test.
How Long is a Chapter 13?

The duration of a Chapter 13 plan depends on your income as well. If your income is less than New Jersey’s median income, then your Chapter 13 plan cannot exceed 36 months unless you demonstrate to the court that there is good cause for extending it up to 60 months.

Otherwise, if your average monthly income is equal to or exceeds New Jersey’s median income, then your Chapter 13 plan will probably be for 60 months.

Will I Lose My Property?

Many debtors are able to keep all of their property. Each state allows you certain exemptions, which pertains to items of personal and real property that you can keep in bankruptcy. New Jersey has its own exemption laws, but you can choose between the state exemptions and those listed under federal law. You are not permitted to mix and match exemptions.